company information 02 - .:: .:: lucky cement ::....

1First Quarter Report

Company Information 02

Directors` Report 03

Condensed Interim Balance Sheet 08

Condensed Interim Profit and Loss Account 09

Condensed Interim Cash Flow Statement 10

Condensed Interim Statement of Changes in Equity 11

Notes to the Condensed Interim Financial Statements 12

Condensed Interim Consolidated Balance Sheet 19

Condensed Interim Consolidated Profit and Loss Account 20

Condensed Interim Consolidated Cash Flow Statement 21

Condensed Interim Consolidated Statement of Changes in Equity 22

Notes to the Condensed Interim Consolidated Financial Statements 23

Contents

2 First Quarter Report

Board of DirectorsMr. Muhammad Yunus Tabba (Chairman)Mr. Muhammad Ali TabbaMr. Muhammad Sohail TabbaMr. Jawed Yunus TabbaMrs. Rahila AleemMrs. Zulekha Tabba MaskatiyaMr. Muhammad Abid GanatraMr. Tariq Iqbal Khan

Chief ExecutiveMr. Muhammad Ali Tabba

Executive DirectorMr. Noman Hasan

Director Finance/ CFO & ChiefInvestment OfficerMr. Muhammad Faisal

Chief Operating OfficerMr. Amin Ganny

Company SecretaryMr. Fayyaz Abdul Ghaffar

Statutory AuditorsM/s. Ernst & Young Ford Rhodes Sidat Hyder, Chartered AccountantsA member firm of Ernst & Young Global Limited

Cost AuditorsM/s. KPMG Taseer Hadi and Co.Chartered Accountants

BankersAllied Bank LimitedAskari Bank LimitedBank AL-Habib LimitedBank Alfalah LimitedBarclays Bank Plc, PakistanCitibank N.A.Dubai Islamic Bank Pakistan LimitedHabib Bank LimitedHabib Metropolitan Bank LimitedMeezan Bank LimitedMCB Bank LimitedNIB Bank LimitedStandard Chartered Bank (Pakistan) LimitedUnited Bank Limited

Registered OfficePezu, District Lakki Marwat,Khyber Pakhtunkhwa

Head Office6-A, Muhammad Ali Housing Society,A. Aziz Hashim Tabba Street,Karachi - 75350UAN: (021) 111-786-555Website: www.lucky-cement.comE-mail: [email protected]

Production Facilities1) Pezu, District Lakki Marwat, Khyber Pakhtunkhwa2) 58 Kilometers on Main Super Highway, Gadap Town, Karachi.

Share Registrar/TransferAgentCentral Depository Company of PakistanLimitedCDC House, 99-B, Block-B, S.M.C.H.SMain Shahra-e-Faisal, Karachi.(Toll Free): 0800 23275

BOARD COMMITTEESAudit CommitteeMr. Tariq Iqbal Khan (Chairman)Mr. Muhammad Ali TabbaMr. Muhammad Sohail TabbaMr. Jawed Yunus TabbaMrs. Zulekha Tabba MaskatiyaMr. Muhammad Abid Ganatra

Human Resource andRemuneration CommitteeMrs. Rahila Aleem (Chairperson)Mr. Muhammad Ali TabbaMr. Muhammad Sohail TabbaMr. Jawed Yunus TabbaMrs. Zulekha Tabba MaskatiyaMr. Muhammad Abid Ganatra

Budget CommitteeMr. Muhammad Sohail Tabba (Chairman)Mr. Muhammad Ali TabbaMr. Jawed Yunus TabbaMr. Muhammad Abid Ganatra

Corporate GovernanceCommitteeMr. Jawed Yunus Tabba (Chairman)Mr. Muhammad Abid GanatraMrs. Rahila Aleem

Company Information


Directors’ Report

The Directors of your Company have the pleasure in presenting to you the financial results of your Company which include both, the Stand-alone and Consolidated un-audited financial statements for the first quarter ended September 30, 2014.

Overview

Cement industry in Pakistan grew by 4.7% to 8.163 million tons during the first quarter compared to 7.799 million tons during the same period last year. While local sales volume registered a growth of 9.8% to 6.103 million tons during the first quarter compared to 5.556 million tons during the same period last year, export sales volumes registered a decline of 8.1% to 2.060 million tons during the first quarter compared to 2.243 million tons during the same period last year.

Your Company registered an overall growth of 9.2% to 1.608 million tons during the first quarter compared to 1.472 million tons sold in the same period last year. Local sales volume registered a growth of 13.4% to 0.965 million tons during the first quarter compared to 0.850 million tons during the same period last year. While industry registered a decline in export volumes, your Company was able to register a growth of 3.3% to 0.643 million tons during the first quarter as compared to 0.622 million tons during the same period last year.

Business Performance:

(a) Production & Sales Volume Performance

The production and sales statistics of your Company for the first quarter of the financial year 2014-15 compared to the same period last year are as follows:

Particulars

1st Quarter 2014-15

1st Quarter 2013-14

Increase/ (Decrease)

---------- Tons in ‘000 ------ % Clinker Production 1,565 1,588 (1.49%)

Cement Production 1,601 1,532 4.47%

Cement Sales 1,607 1,472 9.17%

The production and sales volume data is graphically presented as under:

1st Quarter2014-15

1st Quarter2013-14

1,472

1,532

1,5881,6071,601

1,565

Clinker Production

1,650

1,600

1,550

1,500

1,450

1,400

Cement Production Cement Sales


A comparison of the dispatches of the industry and your Company for the first quarter of the financial year 2014-15 with the same period last year is presented below:

Particulars1st Quarter

2014-151st Quarter

2013-14 Growth / (Decline) %

Cement Industry

Local Sales 6,103 5,556 547 9.8% Export Sale

Cement - Bagged 1,975 2,141 (166) (7.8%) - Loose 85 102 (16) (16.1%)

Total Exports 2,060 2,243 (182) (8.1%) Grand Total 8,163 7,799 365 4.7%

Lucky Cement

Local Sales 965 850 114 13.4% Export Sales

Cement - Bagged 557 520 37 7.1% - Loose 85 102 (16) (16.1%)

Total Exports 643 622 21 3.3% Grand Total 1,608 1,472 135 9.2%

Market Share

LCL - Market Share (%) 1st Quarter 2014-15

1st Quarter 2013-14

Growth / (Decline)

Local Sales 15.8% 15.3% 3.3% Export Sales

Cement

- Bagged 28.2% 24.3% 16.1%- Loose 100.0% 100.0% 0.0%

Total Export 31.2% 27.7% 12.6% Grand Total 19.7% 18.9% 4.3%

Industry Source: APCMA website


(b) Financial Performance

The financial performance of your Company for the first quarter of the financial year 2014-15 compared to the same period last year is presented below:

Figures in PKR million except EPS

During the quarter under review, your Company achieved an overall net revenue growth of 12.2% contributed by 9.2% increase in volume and 3.0% increase in net retention.

Per ton cost of sales of your Company during the quarter increased by 7.4% as compared to the same period last year mainly due to increase in fuel and packing material cost and cost of scheduled maintenance on plants.

Your Company achieved a gross profit rate of 42.1% during the quarter under review compared to 44.6% reported in the same period last year.

Your Company achieved the profit before tax of Rs.3,345.44 million during the quarter under review compared to Rs.3,229.33 million reported during the same period last year. Similarly, after tax profit of Rs.2,669.13 million was achieved during the quarter under review compared to Rs.2,545.80 million reported during the same period last year.

% Change• Revenue: 12.2%• GP: 5.9%• OP: 1.8%• EBITDA: 2.5%• NP: 4.8%• EPS: 4.8%

1st Quarter 14-15• Revenue: 10,470• GP: 4,412• OP: 3,335• EBITDA: 3,874• NP: 2,669• EPS: 8.25/share

1st Quarter 13-14• Revenue: 9,332• GP: 4,164• OP: 3,277• EBITDA: 3,781• NP: 2,546• EPS: 7.87/share

1st Qtr2014-15

1st Qtr2014-15

4th Qtr2013-14

4th Qtr2013-14

3rd Qtr2013-14

3rd Qtr2013-14

2nd Qtr2013-14

2nd Qtr2013-14

1st Qtr2013-14

1st Qtr2013-144,164 2,546

4,344 2,615

5,182 3,024

5,000 3,159

4,412 2,669

Distribution of Revenue 1st Quarter 2014-15

Cost ofSales48.4%

Rebate &Commission

1.4%

FinancialCharges

0.1%

Govt. Levies22.4% Donations

0.5%

Operating Expenses

net of OtherIncome5.9%

Net Profit21.3%

Distribution of Cost 1st Quarter 2014-15

Fuel, Gas,Coal & Lub

58%

OtherManufacturing

3%

W.I.P / F.G-3%

RawMaterial

5%

Packing Material

12%

Store & Spares

10%Fixed Cost15%


The earnings per share of your Company for the first quarter ended 30 September 2014 was Rs.8.25 compared to Rs. 7.87 reported during the same period last year.

Projects – New and Ongoing:

Waste Heat Recovery (WHR) Plants at Captive Power Plants5 MW WHR plant at Karachi: The installation of plant and machinery is in progress at plant site and is it expected to be completed by January 2015.

5 MW WHR plant at Pezu: The civil and mechanical work is expected to start soon at the plant site and plant and machinery is expected to be installed by the end of September 2015.

Vertical Grinding Mills at Karachi PlantThe erection work at plant site is in progress and will be completed by the end of October 2014 and the first mill will become operational by November 2014 whereas the second will become operational by December 2014.

Electricity Supply to PESCOYour company is currently in the process of tariff negotiation with NEPRA for the supply of surplus electricity from Pezu power plant.

Investments:

Investment in 660MW coal based power plantDuring the quarter under review, the Board of Directors of your Company decided to route an investment in Lucky Electric Power Company Limited (LEPCL) through a wholly owned subsidiary, LCL Holdings Limited (LCLHL) as opposed to Lucky Holdings Limited (LHL) being a 75% owned subsidiary. Conseqently, your Company will be sole sponsor / 100% indirect shareholder of Lucky Electric Power Company (LEPCL) with an equity investment of approximately PKR 27 billion (USD 270 million approximately).

LEPCL has filed the proposal with the Private Power and Infrastructure Board (PPIB) and expecting the Letter of Intent (LOI) to be issued in November 2014. LEPCL has also initiated discussions with the potential Equipment suppliers / EPC contractors as well as financial institutions both in China and Republic of Korea. The next steps are the appointment of Technical Consultant and commencement of work on the feasibility study of the project.

Joint Venture Investment in Cement Plant in DR Congo All the resources required to start construction of the project have been deployed at project site. Delivery

1st Q-14

7.87 8.09

9.35 9.77

8.25

2nd Q-14 3rd Q-14 4th Q-14 1st Q-15


schedules for plant and machinery with the equipment supplier (FLSmidth) have been finalized. Signing of the finance documents is scheduled in the second week of November 2014 to achieve financial close. The project to expected to start commissioning by June 2016. The effect of 50% share of the net assets of the DR Congo plant has been reflected in the consolidated unaudited financial statements of the company for the first quarter ended 30th September 2014.

Joint Venture Investment in Cement Grinding Facility in IraqBy the grace of Almighty Allah, the grinding plant in Iraq is performing well. During the quarter under review, the grinding plant achieved production and sales volumes of 188,000 and 189,000 tons respectively. The operations posted a net profit of US$ 3.207 million for the first quarter ended 30th September 2014. The results of the Iraq grinding unit have been reflected in the consolidated unaudited financial statements of the Company for the first quarter ended 30th September 2014 to the extent of 50% share of net assets and net profit.

Equity Investment in Associated Company in 50 MW Wind FarmThe EPC Contractors have been mobilized at site for the preliminary works and financial close with the consortium of local banks for project financing is expected to be achieved by the end of December 2014. The project is expected to be completed by March 2016.

Corporate Social Responsibility:Your company continued its active participation in promoting quality education to the deserving and talented youth of Pakistan. In this connection, several scholarships have been awarded on merit basis to students in leading universities.

In addition, to further its cause of community development and to promote social welfare during the Holy month of Ramadan, Lucky Cement has generously donated for various social welfare programs.

During the quarter under review, your Company has also made considerable donations for the rehabilitation of Internally Displaced Persons in Pakistan.

Outlook:Your company is quite optimistic about its volumetric growth in the current financial year. Your company’s strong financial position and free cash flow generating ability would also help investing in the projects and avenues which would continue to bring in further efficiencies and increase shareholder value. Declining coal prices in the international market and stability of Pak Rupee against US$ will be the key factors to have positive impact on the profitability of your company in the current financial year.

Acknowledgement:Your directors take this opportunity to express their deep sense of gratitude to all the stakeholders for their encouragement and support.

We would like to place on record our sincere appreciation for the commitment, dedication and hard work put in by every member of the Lucky family.

And also our shareholders, who have always shown their confidence and faith in the Company

On behalf of the Board

MUHAMMAD YUNUS TABBAChairman / DirectorKarachi: October 30, 2014.


September 30, June 30,Note 2014 2014

(Un-audited) (Audited) (Rupees in’000’)

ASSETSNON-CURRENT ASSETS

Fixed assetsProperty, plant and equipment 4 32,888,998 31,937,211 Intangible assets 25,403 27,652

32,914,401 31,964,863

Long-term investments 5 9,300,665 8,157,550 Long-term advances 73,377 72,445 Long-term deposits 3,175 3,175

42,291,618 40,198,033 CURRENT ASSETS

Stores and spares 6,426,065 6,078,915 Stock-in-trade 1,903,285 1,638,984 Trade debts 2,187,454 2,077,714 Loans and advances 234,016 161,625 Trade deposits and short-term prepayments 40,873 57,699 Other receivables 469,440 527,052 Tax refunds due from the Government 6 538,812 538,812 Cash and bank balances 9,699,626 8,519,082

21,499,571 19,599,883

TOTAL ASSETS 63,791,189 59,797,916

EQUITY AND LIABILITIESSHARE CAPITAL AND RESERVES

Share capital 3,233,750 3,233,750 Reserves 49,227,562 46,558,433

52,461,312 49,792,183 NON-CURRENT LIABILITIES

Long-term finances 7 - - Long-term deposits 66,774 67,971 Deferred liabilities 8 5,505,380 5,453,512

5,572,154 5,521,483 CURRENT LIABILITIES

Trade and other payables 5,282,927 4,096,255 Taxation - net 450,567 257,446 Accrued mark-up 934 3,051 Current portion of long-term finance 23,295 127,498

5,757,723 4,484,250 CONTINGENCIES AND COMMITMENTS 9

TOTAL EQUITY AND LIABILITIES 63,791,189 59,797,916

The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements.

Condensed Interim Balance SheetAs at September 30, 2014

Muhammad Ali TabbaChief Executive

Muhammad Yunus TabbaChairman / Director


Condensed Interim Profit and Loss Account For the 1st quarter ended September 30, 2014 (Un-audited)

September 30, September 30,Note 2014 2013

(Rupees in’000’)

Gross sales 10 12,522,132 10,972,896

Less: Sales tax and excise duty 1,875,866 1,527,783 Rebates and commission 176,325 112,926

2,052,191 1,640,709

Net sales 10,469,941 9,332,187

Cost of sales (6,058,431) (5,167,726)

Gross profit 4,411,510 4,164,461

Distribution costs (868,113) (695,566)Administrative expenses (208,214) (192,121)Finance costs (9,198) (11,757)Other charges (312,890) (257,033)Other income 11 332,346 221,345

Profit before taxation 3,345,441 3,229,329

Taxation- current (676,312) (615,508)

- deferred - (68,021)

(676,312) (683,529)

Profit after taxation 2,669,129 2,545,800

Other comprehensive income for the period - -

Total comprehensive income for the period 2,669,129 2,545,800

(Rupees)

Earnings per share - basic and diluted 8.25 7.87





Condensed Interim Cash Flow Statement For the 1st quarter ended September 30, 2014 (Un-audited)


(Rupees in ‘000’)

CASH FLOWS FROM OPERATING ACTIVITIESCash generated from operations 12 4,420,801 3,613,075

Finance costs paid (11,315) (12,965)Income tax paid (483,191) (92,194)Gratuity paid (9,765) (7,968)

(504,271) (113,127)Long-term deposits (1,197) 1,547

Net cash generated from operating activities 3,915,333 3,501,495

CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditure (1,495,470) (102,608)Long-term investments (1,143,115) - Long-term advance (932) - Investments - (2,138)Sale proceeds on disposal of property,

plant and equipment 9,161 7,245

Net cash used in investing activities (2,630,356) (97,501)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of long-term finance (104,203) (66,350)Dividends paid (230) (202)Net cash used in financing activities (104,433) (66,552)

Net increase in cash and cash equivalents 1,180,544 3,337,442

Cash and cash equivalents at the beginning of the period /year 8,519,082 2,805,840

Cash and cash equivalents at the end of the period /year 9,699,626 6,143,282





Condensed Interim Statement of Changes in Equity For the 1st quarter ended September 30, 2014

Issued, subscribed and paid up

capital

Capital reserve Revenue reserves

Total reserves

Total equity Share

premium General reserve

Unappropri- -ated profit

-------------------------(Rupees in ‘000’)------------------------------------

Balance as at June 30, 2013 3,233,750 7,343,422 20,000,000 10,458,271 37,801,693 41,035,443

Transfer to general reserve - - 7,871,271 (7,871,271) - -

Final dividend at the rate of Rs.8/-

per ordinary share of Rs.10/-

each for the year ended

June 30, 2013 - - - (2,587,000) (2,587,000) (2,587,000)

Total comprehensive

income for the period - - - 8,185,078 8,185,078 8,185,078

Balance as at March 31, 2014 3,233,750 7,343,422 27,871,271 8,185,078 43,399,771 46,633,521

Total comprehensive income for the

three months period ended

June 30, 2014 - - - 3,158,662 3,158,662 3,158,662

Balance as at June 30, 2014 3,233,750 7,343,422 27,871,271 11,343,740 46,558,433 49,792,183

Total comprehensive

income for the period - - - 2,669,129 2,669,129 2,669,129

Balance as at September 30, 2014 3,233,750 7,343,422 27,871,271 14,012,869 49,227,562 52,461,312





Notes to the Condensed Interim Financial Statements For the 1st quarter ended September 30, 2014 (Un-audited)

1 THE COMPANY AND ITS OPERATION

1.1 Lucky Cement Limited (the Company) was incorporated in Pakistan on September 18, 1993 under the Companies Ordinance, 1984 (the Ordinance). The shares of the Company are quoted on all the three stock exchanges in Pakistan. The Company has also issued Global Depository Receipts (GDRs) which are listed and traded on the Professional Securities Market of the London Stock Exchange. The principal activity of the Company is manufacturing and marketing of cement. The registered office of the Company is located at Pezu, District Lakki Marwat in Khyber Pakhtunkhwa. The Company has production facilities at Pezu, District Lakki Marwat in Khyber Pakhtunkhwa and at Main Super Highway in Karachi, Sindh.

1.2 These financial statements are the separate financial statements of the Company in which investments in subsidiaries have been accounted for at cost less accumulated impairment losses, if any.

2 STATEMENT OF COMPLIANCE

These condensed interim financial statements of the Company for the three months period ended September 30, 2014 have been prepared in accordance with the requirements of the International Accounting Standard (IAS) - 34 “Interim Financial Reporting” and provisions of and directives issued under the Companies Ordinance, 1984. In case where the requirements differ, the provisions of or directives issued under the Companies Ordinance,1984 have been followed. These condensed interim financial statements do not include all the information and disclosures required in the annual audited financial statements, and should be read in conjunction with Company’s annual audited financial statements for the year ended June 30, 2014.

3 SIGNIFICANT ACCOUNTING POLICIES

The accounting policies and methods of computation adopted in the preparation of these condensed interim financial statements are consistent with those applied in the preparation of the annual audited financial statements for the year ended June 30, 2014.

4 PROPERTY, PLANT AND EQUIPMENT

4.1 The following is the movement in property, plant and equipment during the period/year:

September 30, June 30,2014 2014

(Un-audited) (Audited)Note (Rupees in ‘000’)

Operating fixed assets (WDV) Opening balance 29,508,081 30,810,820 Add: Additions during the period/year 4.2 483,914 808,467

29,991,995 31,619,287 Less: Disposals during the period/year (WDV) 7,124 47,147 Depreciation charge for the period/year 535,584 2,064,059 Operating fixed assets (WDV) - closing balance 29,449,287 29,508,081 Add: Capital work-in-progress 4.3 3,439,711 2,429,130

32,888,998 31,937,211



4.2 The following additions and deletions were made during the period in operating fixed assets:

Additions Deletions(Cost) (Cost)

(Rupees in ‘000’) Operating fixed assets

Buildings 49,998 - Plant and machinery 156,009 - Generators 250,302 - Quarry equipments - 20,240 Vehicles 14,739 4,592 Furniture and fixtures 835 99 Office equipments 4,859 20 Computer and Accessories 5,461 1,913 Other assets 1,711 11,270

483,914 38,134

4.3 The following is the movement in capital work-in-progress during the period/year:


(Un-audited) (Audited)(Rupees in ‘000’)

Opening balance 2,429,130 197,572 Add: Additions during the period/year 1,476,729 2,821,885

3,905,859 3,019,457 Less: Transferred to operating fixed assets 466,148 590,327 Closing balance 3,439,711 2,429,130


Note (Un-audited) (Audited)(Rupees in ‘000’)

5 LONG-TERM INVESTMENTS - at cost

Lucky Holdings Limited 5.1 5,619,000 5,619,000 LCL Investment Holdings Limited 5.2 3,562,800 2,537,800 Yunus Energy Limited 5.3 118,865 750

9,300,665 8,157,550

5.1 Lucky Holdings Limited (LHL) is a public unlisted company incorporated in Pakistan. As of the balance sheet date, the Company owns 75 percent shareholding of LHL.

As of the balance sheet date, LHL held 75.27 percent shares of ICI Pakistan Limited. The said acquisition was made as per the share purchase agreement with ICI Omicron B.V. a wholly owned subsidiary of Akzo Noble N.V. Netherlands.


5.2 The Company has made an investment in LCL Investment Holdings Limited (LCLIHL), the wholly owned subsidiary of the Company, incorporated and domiciled in Mauritius. LCLIHL has concluded a joint venture agreement with Al-Shumookh Construction Materials Trading FZE, United Arab Emirates and established Lucky Al-Shumookh Holdings Limited having a cement grinding unit in the Republic of Iraq. LCLIHL holds 50 percent ownership interest in the aforementioned Joint Venture.

LCLIHL has also entered into a joint venture agreement with Rawsons Investments Limited (registered in Cayman Islands) for establishing LuckyRawji Holdings Limited for constructing a fully integrated cement manufacturing unit in the Democratic Republic of Congo. LCLIHL holds 50 percent ownership interest in the aforesaid Joint Venture.

5.3 Represents Equity investment in Yunus Energy Limited (11,886,500 shares @10/- each.)

5.4 During the quarter, the Company has formed a wholly owned subsidiary by the name of LCL Holdings Limited (LCLHL) with the object to invest in the Coal Based Power project to be setup by Lucky Electric Power Company Limited (LEPCL)

6 TAX REFUNDS DUE FROM THE GOVERNMENT

The status is fully explained in note 15 to the annual audited financial statements of the Company for the year ended June 30, 2014.



7 LONG TERM FINANCE

Long-term finance 7.1 23,295 127,498 Current portion of long term finance (23,295) (127,498)

- -

7.1 The terms and conditions of long-term finance are the same as disclosed in note 19 to the annual audited financial statements of the Company for the year ended June 30, 2014.

8 DEFERRED LIABILITIES

Staff gratuity 706,063 654,195 Deferred tax liability 8.1 4,799,317 4,799,317

5,505,380 5,453,512

8.1 Deferred tax liability This comprises of the following :- Difference in tax and accounting bases of

fixed assets 4,799,317 5,079,314

- Provisions - (279,997)

4,799,317 4,799,317



9 CONTINGENCIES AND COMMITMENTS

9.1 CONTINGENCIES

There are no major changes in the status of contingencies as reported in the annual audited financial statements of the Company for the year ended June 30, 2014.



9.2 COMMITMENTS

Capital commitmentsPlant and machinery under letters of credit 1,303,507 1,667,530

Other commitmentsStores, spares and packing material under letters of credit 1,132,870 1,870,971

Bank guarantees issued on behalf of the Company 957,271 942,233

Post dated cheques 587,306 555,150

For the three months endedSeptember 30, September 30,

2014 2013(Rupees in ‘000’)

10 GROSS SALES

Local 8,757,816 7,104,850 Export 3,764,316 3,868,046

12,522,132 10,972,896

11 OTHER INCOME

It mainly includes interest income from bank deposits and net income from supply of surplus electricity to Hyderabad Electricity Supply Corporation (HESCO).




2014 2013Note (Rupees in ‘000’)

12 CASH GENERATED FROM OPERATIONS

Profit before taxation 3,345,441 3,229,329 Adjustments for non cash charges and other items

Depreciation 4.1 535,584 503,198 Amortization on intangible assets 3,224 533 Provision for slow moving spares - 10,000 Gain on disposal of property,

plant and equipment (2,037) (4,779)Provision for staff gratuity 61,633 36,648 Finance costs 9,198 11,757 Profit before working capital changes 3,953,043 3,786,686

(Increase) / decrease in current assetsStores and spares (347,150) (179,010)Stock in trade (264,301) (640,065)Trade debts (109,740) 154,439 Loans and advances (72,391) (150,491)Trade deposits and short term prepayments 16,826 7,149 Other receivables 57,612 65,743

(719,144) (742,235)

Increase in current liabilitiesTrade and other payables 1,186,902 568,624

Cash generated from operations 4,420,801 3,613,075



13 TRANSACTIONS WITH RELATED PARTIES

Related parties comprise subsidiaries, associated entities, entities with common directorship, directors and key management personnel. Details of transactions with related parties during the period, other than remuneration and benefits to key management personnel under the terms of their employment, are as follows:


2014 2013(Rupees in ‘000’)

SubsidiariesLCL Investment Holdings LimitedInvestment made during the period 1,025,000 - ICI Pakistan LimitedSales 6,541 -

Associated Companies Lucky Paragon ReadyMix LimitedSales 86,607 55,997 Fazal Textile Mills LimitedSales 1,541 2,884 Yunus Textile Mills LimitedSales 13,800 5,590 Lucky Textile Mills Sales 15,142 6,330 Gadoon Textile Mills LimitedSales 2,574 1,920 Aziz Tabba FoundationSales 990 222 Donation 40,000 20,000 Lucky One (Pvt) LimitedSales 37,579 40,584 Lucky CommoditiesSales - 100,682 Lucky Air (Pvt) LimitedServices 8,250 5,282 Yunus Energy LimitedInvestment 118,115 -



14 DATE OF AUTHORISATION FOR ISSUE

These condensed interim financial statements were authorized for issue on October 30, 2014 by the Board of Directors of the Company.

15 GENERAL

15.1 The Board of Directors in their meeting held on September 02, 2014 (i) approved the transfer of Rs.8,433.365 million (2013: Rs.7,871.271 million) from un-appropriated profit to general reserve; and (ii) proposed final dividend of Rs.9/- per share for the year ended June 30, 2014 amounting to Rs.2,910.375 million (2013: Rs.2,587 million) which was approved by the members at the Annual General Meeting held on October 17, 2014. These financial statements do not reflect this appropriation and the proposed dividend payable.

15.2 Corresponding figures have been reclassified, wherever necessary, for better presentation.

15.3 Figures have been rounded off to the nearest thousand of Rupees, unless otherwise stated.







Condensed Interim Consolidated Balance SheetAs at September 30, 2014 (Un-audited)


(Un-audited) (Audited) (Rupees in’000’)

ASSETSNON-CURRENT ASSETS

Fixed assetsProperty, plant and equipment 4 45,390,525 44,063,423 Intangible assets 7,637,360 7,741,210

53,027,885 51,804,633

Long-term investments 5 2,423,915 1,714,879 Long-term loans and advances 4,602,902 1,711,839 Long-term deposits and prepayments 30,784 31,018

60,085,486 55,262,369 CURRENT ASSETS

Stores, spares and consumables 7,317,334 6,952,502 Stock-in-trade 6,701,990 6,246,200 Trade debts 3,473,741 2,961,424 Loans and advances 515,511 354,625 Trade deposits and short-term prepayments 246,236 278,010 Other receivables 1,598,410 2,195,956 Tax refunds due from the Government 6 538,812 538,812 Taxation - net 1,237,158 1,502,916 Cash and bank balances 11,087,707 11,723,248

32,716,899 32,753,693

TOTAL ASSETS 92,802,385 88,016,062

EQUITY AND LIABILITIESSHARE CAPITAL AND RESERVES

Share capital 3,233,750 3,233,750 Reserves 50,158,933 47,145,858

Attributable to the equity holders of the Holding Company 53,392,683 50,379,608 Non-controlling interests 6,335,905 6,204,663 Total equity 59,728,588 56,584,271

NON-CURRENT LIABILITIESLong-term finances 7 9,426,707 9,983,078 Long-term deposits 66,774 67,971 Deferred liabilities 8 8,591,635 8,655,713

18,085,116 18,706,762 CURRENT LIABILITIES

Short-term borrowings and running finance 315,302 437,368 Trade and other payables 12,907,041 10,900,436 Accrued mark-up 209,788 223,656 Current portion of long-term finance 7 1,556,550 1,163,569

14,988,681 12,725,029 CONTINGENCIES AND COMMITMENTS 9

TOTAL EQUITY AND LIABILITIES 92,802,385 88,016,062

The annexed notes from 1 to 15 form an integral part of these condensed interim consolidated financial statements.


Condensed Interim Consolidated Profit and Loss Account For the 1st quarter ended September 30, 2014 (Un-audited)


(Rupees in’000’)

Gross sales 10 23,052,579 21,041,511

Less: Sales tax and excise duty 2,525,457 2,131,673 Rebates and commission 733,725 563,459

3,259,182 2,695,132

Net sales 19,793,397 18,346,379

Cost of sales (14,159,977) (13,174,619)

Gross profit 5,633,420 5,171,760

Distribution costs (1,223,545) (968,638)Administrative expenses (439,860) (404,932)Share of gain in equity-accounted investments 161,481 - Finance costs (377,361) (243,342)Other charges (354,835) (297,228)Other income 11 362,833 287,942

Profit before taxation 3,762,133 3,545,562

Taxation- current (868,703) (721,310)

- deferred 119,094 (68,021)(749,609) (789,331)

Profit after taxation 3,012,524 2,756,231

Attributable to:Owners of the Holding Company 2,897,622 2,641,002 Non-controlling interests 114,902 115,229

3,012,524 2,756,231

Other comprehensive income for the period

Foreign exchange differences on translation of foreign operations 95,976 -

Total comprehensive income for the period 3,108,500 2,756,231

Attributable to: Owners of the Holding Company 2,993,598 2,641,002 Non-controlling interests 114,902 115,229

3,108,500 2,756,231

(Rupees)

Earnings per share - basic and diluted 8.96 8.17





Condensed Interim Consolidated Cash Flow Statement For the 1st quarter ended September 30, 2014 (Un-audited)


(Rupees in ‘000’)

CASH FLOWS FROM OPERATING ACTIVITIESCash generated from operations 12 6,098,173 4,928,503

Finance costs paid (269,075) (352,961)Income tax paid (601,410) (186,845)Gratuity paid (23,796) (19,596)

(894,281) (559,402)Long-term loan (14,094) (9,987)Long-term deposits (964) 3,790

Net cash generated from operating activities 5,188,834 4,362,904

CASH FLOWS FROM INVESTING ACTIVITIESFixed capital expenditure (2,271,482) (697,074)Long-term advance (2,738,805) - Investments (439,606) (32,138)Sale proceeds on disposal of property, plant and equipment 9,898 7,854

Net cash used in investing activities (5,439,995) (721,358)

CASH FLOWS FROM FINANCING ACTIVITIESLong-term finance - net (259,759) 1,433,650 Proceeds from redemption of investment - 30,420 Dividends paid (1,555) (491)(Repayment) / Short-term borrowings and running finance (123,066) 847,196

Net cash (used in) / generated from financing activities (384,380) 2,310,775

Net (decrease) / increase in cash and cash equivalents (635,541) 5,952,321

Cash and cash equivalents at the beginning of the period /year 11,723,248 1,092,419

Cash and cash equivalents at the end of the period /year 11,087,707 7,044,740





Condensed Interim Consolidated Statement of Changes in Equity For the 1st quarter ended September 30, 2014 (Un-audited)

Issued, subscribed and paid up

capital

Capital reserve Revenue reserves

Total reserves

Non-controlling

interests Total equity Share

premium General reserves

Foreign currency

translation reserve

Unappropri- -ated Profit

-----------------------------------Rupees in ‘000’-----------------------------------------------

Balance as at June 30, 2013 3,233,750 7,343,422 20,000,000 - 10,552,319 37,895,741 5,490,672 46,620,163

Transfer to general reserve - - 7,871,271 - (7,871,271) - - -

Final dividend at the rate of Rs.8/- per ordinary share of Rs.10/- each for the year ended June 30, 2013 - - - - (2,587,000) (2,587,000) - (2,587,000)

Total comprehensive income for the period - - - - 8,594,073 8,594,073 443,914 9,037,987

Balance as at March 31, 2014 3,233,750 7,343,422 27,871,271 - 8,688,121 43,902,814 5,934,586 53,071,150

Dividends paid to non-controlling interests of ICI - - - - - - (91,040) (91,040)

Decrease in ownership interest in ICI - - - - (11,063) (11,063) 108,212 97,149

Total comprehensive income for the three month period ended June 30, 2014 - - - - 3,298,286 3,298,286 237,491 3,535,777

Other comprehensive income - - - (63,554) 19,375 (44,179) 15,414 (28,765)

- - - (63,554) 3,317,661 3,254,107 252,905 3,507,012

Balance as at June 30, 2014 3,233,750 7,343,422 27,871,271 (63,554) 11,994,719 47,145,858 6,204,663 56,584,271

Decrease in ownership interest in ICI - - - - 19,477 19,477 16,340 35,817

Profit after taxation - - - - 2,897,622 2,897,622 114,902 3,012,524

Other comprehensive income - - - 95,976 - 95,976 - 95,976

- - - 95,976 2,897,622 2,993,598 114,902 3,108,500

Balance as at September 30, 2014 3,233,750 7,343,422 27,871,271 32,422 14,911,818 50,158,933 6,335,905 59,728,588





Notes to the Condensed Interim Consolidated Financial Statements For the 1st quarter ended September 30, 2014 (Un-audited)

1 THE GROUP AND ITS OPERATIONS

The Group consists of Lucky Cement Limited (“the Holding Company”) and its subsidiary companies LCL Investment Holdings Limited, Lucky Holdings Limited, ICI Pakistan Limited, ICI Pakistan PowerGen Limited, LCL Holdings Limited and Lucky Electric Power Company Limited. Brief profiles of the Holding company and its subsidiary companies are as follows :

1.1 Lucky Cement Limited

The Holding Company was incorporated in Pakistan on September 18, 1993 under the Companies Ordinance, 1984 (the Ordinance). The shares of the Holding Company are quoted on all the three stock exchanges in Pakistan. The Holding Company has also issued Global Depository Receipts (GDRs) which are listed and traded on the Professional Securities Market of the London Stock Exchange. The principal activity of the Holding Company is manufacturing and marketing of cement. The registered office of the Holding Company is located at Pezu, District Lakki Marwat in Khyber Pakhtunkhwa. The Holding Company has production facilities at Pezu, District Lakki Marwat in Khyber Pakhtunkhwa and at Main Super Highway in Karachi, Sindh.

1.2 LCL Investment Holdings Limited

The Holding Company has made an investment in LCL Investment Holdings Limited (LCLIHL), the wholly owned subsidiary of the Holding Company, incorporated and domiciled in Mauritius. LCLIHL has concluded a joint venture agreement with Al-Shumookh Construction Materials Trading FZE, United Arab Emirates, for establishing Lucky Al-Shumookh Holdings Limited, for constructing a cement grinding unit in the Republic of Iraq, plant has already commenced production. LCLIHL holds 50 percent ownership interest in the aforementioned joint venture.

LCLIHL has also entered into a joint venture agreement with Rawsons Investments Limited (registered in Cayman Islands) for establishing LuckyRawji Holdings Limited for constructing a fully integrated cement manufacturing unit in the Democratic Republic of Congo. LCLIHL holds 50 percent ownership interest in the aforementioned joint venture.

1.3 Lucky Holdings Limited

Lucky Holdings Limited (LHL) was incorporated in Pakistan on September 6, 2012 as a public unlisted Company limited by shares under the Companies Ordinance, 1984. The registered office of LHL is located at Main Indus Highway, Pezu, District Lakki Marwat in the province of Khyber Pakhtunkhwa. As of the balance sheet date, LHL held 75.27% shares in ICI Pakistan Limited. The main source of earning is dividend and royalty income.

1.4 ICI Pakistan Limited

ICI Pakistan Limited (ICI) was incorporated in Pakistan and is listed on the Karachi, Lahore and Islamabad Stock Exchanges. The Company is engaged in the manufacture of polyester staple fiber, POY chips, soda ash, specialty chemicals, sodium bicarbonate and polyurethanes; marketing of seeds, toll manufactured and imported pharmaceuticals and animal health products; and merchanting of general chemicals. It also acts an indenting agent and toll manufacturer. The registered office of ICI is situated at 5 West Wharf, Karachi.



1.5 ICI Pakistan PowerGen Limited

ICI Pakistan PowerGen Limited (ICI PowerGen) was incorporated in Pakistan as an unlisted public company and is a wholly owned subsidiary company of ICI. ICI PowerGen is engaged in generating, selling and supplying electricity to the ICI. The registered office of ICI PowerGen is situated at 5 West Wharf, Karachi.

1.6 LCL Holdings Limited

During the quarter, the Company has formed a wholly owned subsidiary by the name of LCL Holdings Limited (LCLHL) with the object to invest in the Coal Based Power project to be setup by Lucky Electric Power Company Limited (LEPCL).

1.7 Lucky Electric Power Company Limited

Lucky Electric Power Company Limited (LEPCL) was incorporated in Pakistan on June 13, 2014, as a public unlisted company. LEPCL has been incorporated with the objective of setting up a 660 MW coal based power project in Pakistan. Its registered office is situated at 6-A, Muhammad Ali Society, A. Aziz Hashim Tabba Street, Karachi in the province of Sindh.

2 STATEMENT OF COMPLIANCE

These condensed interim consolidated financial statements of the Holding Company for the three months period ended September 30, 2014 have been prepared in accordance with the requirements of the International Accounting Standard (IAS) - 34 “Interim Financial Reporting” and provisions of and directives issued under the Companies Ordinance, 1984. In case where the requirements differ, the provisions of or directives issued under the Companies Ordinance,1984 have been followed. These condensed interim consolidated financial statements do not include all the information and disclosures required in the annual audited consolidated financial statements, and should be read in conjunction with Holding Company’s annual audited consolidated financial statements for the year ended June 30, 2014.

3 SIGNIFICANT ACCOUNTING POLICIES

The accounting policies and methods of computation adopted in the preparation of these condensed interim consolidated financial statements are consistent with those applied in the preparation of the annual audited consolidated financial statements for the year ended June 30, 2014.


4 PROPERTY, PLANT AND EQUIPMENT

4.1 The following is the movement in property, plant and equipment during the period/year:



Operating fixed assets (WDV) Opening balance 40,734,338 39,313,315 Add: Additions during the period/year 4.2 545,404 4,925,924

41,279,742 44,239,239 Less: Disposals during the period/year (WDV) 8,127 68,853 Depreciation charge for the period/year 950,540 3,436,048 Operating fixed assets (WDV) - closing balance 40,321,075 40,734,338 Add: Capital work-in-progress 4.3 5,069,450 3,329,085

45,390,525 44,063,423

4.2 The following additions and deletions were made during the period in operating fixed assets:

Additions Deletions(Cost) (Cost)

(Rupees in ‘000’) Operating fixed assets

Buildings 53,215 4,060 Plant and machinery 200,645 58,805 Generators 250,302 - Quarry equipments - 20,240 Vehicles 14,739 11,032 Furniture and fixtures 14,472 1,189 Office equipments 4,859 20 Computer & Accessories 5,461 1,913 Other assets 1,711 11,270

545,404 108,529

4.3 The following is the movement in capital work-in-progress during the period/year:


(Un-audited) (Audited) (Rupees in ‘000’)

Opening balance 3,329,085 2,777,779 Add: Additions during the period/year 2,253,545 5,253,415

5,582,630 8,031,195 Less: Transferred to operating fixed assets 513,180 4,702,110 Closing balance 5,069,450 3,329,085




5 LONG TERM INVESTMENT (Un-audited) (Audited)Note (Rupees in ‘000’)

Joint venturesEquity accounted investmentLucky Al Shumookh Holdings Limited 5.1 1,942,139 1,711,234 LuckyRawji Holdings Limited 5.2 411 395

1,942,550 1,711,629 UnquotedEquity security available-for-saleArabian Sea Country Club Limited

(250,000 ordinary shares of Rs. 10 each) 2,500 2,500 NutriCo Pakistan (Pvt) Limited (representing 15%

ownership) 360,000 - Yunus Energy Limited 5.3 118,865 750

2,423,915 1,714,879

5.1 Lucky Al Shumookh Holdings Limited

Investment at cost 1,711,234 1,729,081 Share of profit / (loss) 161,481 (18,583)Foreign currency translation reserve 69,424 736

1,942,139 1,711,234

Lucky Al Shumookh Holdings Limited (LASHL) is a joint venture between the Group and Al Shumookh Group. LASHL was incorporated as an offshore company with limited liability in Jebel Ali Free Zone, United Arab Emirates. The Group holds 50 percent ownership interest in LASHL.

The Group’s interest in LASHL’s assets and liabilities is as follows:



Total assets 4,866,173 4,171,366 Total liabilities (979,376) (746,475)Net assets (100%) 3,886,797 3,424,891

Company’s share of net assets (50%) 1,943,399 1,712,446 Less: Share of pre-acquisition loss (1,260) (1,212)

1,942,139 1,711,234

The Group’s share in LASHL’s profit and loss account is as follows:

Revenue 1,625,596 1,186,339

Net profit / (loss) (100%) 322,962 (37,166)

Company’s share of net profit / (loss) (50%) 161,481 (18,583)





5.2 LuckyRawji Holdings Limited Investment at cost 411 395

LuckyRawji Holdings Limited (LRHL) is a joint venture between the Group and Rawsons Investments Limited. LRHL was incorporated with limited liability under the laws of British Virgin Islands. The Group holds 50 percent ownership interest in LRHL. No activity affecting the profit and loss account of LRHL has been carried out as of the balance sheet date.

The Group’s interest in LRHL’s assets and liabilities is as follows:



Non-current assets 8,520,215 2,771,503 Liabilities (8,519,394) (2,770,713)Net assets (100%) 821 790

Company’s share of net assets (50%) 411 395

5.3 Represents Equity investment in Yunus Energy Limited (11,886,500 shares @10/- each.)

6 TAX REFUNDS DUE FROM THE GOVERNMENT

The status is fully explained in note 18 to the audited consolidated financial statements of the Company for the year ended June 30, 2014.



7 LONG TERM FINANCE

Long-term finance 10,983,257 11,146,647 Current portion of long term finance (1,556,550) (1,163,569)

7.1 9,426,707 9,983,078

7.1 The terms and conditions of long-term finance are the same as disclosed in note 22 to the annual audited consolidated financial statements of the Company for the year ended June 30, 2014.





8 DEFERRED LIABILITIES

Staff gratuity and eligible retired employees’medical scheme 787,294 732,276

Deferred tax liability 8.1 7,804,341 7,923,437 8,591,635 8,655,713

8.1 Deferred tax liability

This comprises of the following :- Difference in tax and accounting bases

of fixed assets 8,128,480 8,528,034 - Provisions (324,139) (604,597)

7,804,341 7,923,437

9 CONTINGENCIES AND COMMITMENTS

9.1 Contingencies

There are no major changes in the status of contingencies as reported in the annual audited consolidated financial statements for the year ended June 30, 2014.



9.2 Commitments

Capital CommitmentsPlant and machinery under letters of credit 2,458,128 2,840,266

Other CommitmentsStores, spares and packing material under

letters of credit 1,132,870 1,870,971

Bank guarantees issued on behalf of the Company 957,271 942,233

Post dated cheques 587,306 555,150





9.3 Commitments for rentals under operating lease / Ijarah agreements in respect of vehicles are as follows:

Year

2014 66,799 - 2015 56,649 62,223 2016 39,772 49,215 2017 19,282 34,969 2018 - 9,203

182,502 155,610

Payable not later than one year 66,799 62,223 Payable later than one year but not later than

five years 115,703 93,387 182,502 155,610

9.4 Outstanding foreign exchange contracts as at September 30, 2014 entered into by the Group amounted to hedge the anticipated future transactions amounted to Rs 348.825 million (June 30, 2014: Rs Nil).


2014 2013(Rupees in ‘000’)

10 SEGMENT REPORTING

TURNOVERCement 12,522,132 10,972,896 Polyester 4,566,579 5,006,892 Soda Ash 3,020,606 2,459,403 Life Sciences 1,998,047 1,550,501 Chemicals 954,934 1,061,605 Others (LHL & ICI PowerGen) 229,570 281,311

23,052,579 21,041,511


10.1 OPERATING RESULTSCement 3,335,183 3,276,764 Polyester (212,340) (308,310)Soda Ash 611,543 600,834 Life Sciences 165,311 140,971 Chemicals 48,723 80,891 Others (LHL,LCLIHL & ICI PowerGen) 21,100 35,473

3,970,015 3,779,071


10.2 Inter-segment sales and purchases have been eliminated from the total.

10.3 Transactions among the business segments are recorded at arm’s length prices using admissible valuation methods.


2014 2013(Rupees in ‘000’)

10.4 GROSS SALES

Local 19,073,141 17,088,677 Export 3,979,438 3,952,834

23,052,579 21,041,511

11 OTHER INCOME

It mainly includes interest income from bank deposits and net income from supply of surplus electricity to Hyderabad Electricity Supply Corporation (HESCO).


2014 2013Note (Rupees in ‘000’)

12 CASH GENERATED FROM OPERATIONS

Profit before taxation 3,762,133 3,545,562 Adjustments for non cash charges and other items

Depreciation 4.1 950,540 792,880 Amortization on intangible assets 108,474 101,742 Provision for slow moving spares - 10,000 Gain on disposal of property, plant and equipment (1,991) (4,949)Provision for staff retirement plan 78,609 41,568 Share of gain in equity-accounted investees (161,481) - Finance cost 293,591 231,295 Profit before working capital changes 5,029,875 4,718,098

(Increase) / decrease in current assetsStores, spares and consumables (364,831) (228,418)Stock in trade (455,791) (923,568)Trade Debts (512,317) (111,001)Loans and advances (160,886) (220,637)Trade deposits and short term prepayments 29,015 41,986 Other receivables 630,056 56,783

(834,754) (1,384,855)

Increase in current liabilitiesTrade and other payables 1,903,052 1,595,260

Cash generated from operations 6,098,173 4,928,503




13 TRANSACTIONS WITH RELATED PARTIES

Related parties comprise associated entities, entities with common directorship, directors and key management personnel. Details of transactions with related parties during the period, other than remuneration and benefits to key management personnel under the terms of their employment, are as follows:


2014 2013(Rupees in ‘000’)

Associated Companies Lucky Paragon ReadyMix LimitedSales 86,607 55,997 Fazal Textile Mills LimitedSales 163,034 59,817 Yunus Textile Mills LimitedSales 36,461 20,609 Lucky Textile Mills Sales 16,276 7,929 Gadoon Textile Mills LimitedSales 298,690 252,836 Aziz Tabba FoundationSales 990 222 Donation 40,000 20,000 Lucky One (Pvt) LimitedSales 37,579 40,584 Lucky CommoditiesSales - 100,682 Lucky Air (Pvt) LimitedServices 8,250 5,282 Yunus Energy LimitedInvestment 118,115 - Lucky Knits (Pvt) LimitedSales 2,555 99 Pakistan Business CouncilMembership fee 1,500 1,250 NIB BankLoan interest 4,434 - Arabian Sea Country Club LimitedClub Subscription 39 47 Jubilee Life Insurance Company LimitedInsurance premium 6,201 - Staff Retirement Benefit PlanContribution 32,299 28,136


14 DATE OF AUTHORISATION FOR ISSUE

These condensed interim consolidated financial statements were authorized for issue on October 30, 2014 by the Board of Directors of the Company.

15 GENERAL

15.1 The Board of Directors in their meeting held on September 02, 2014 (i) approved the transfer of Rs.8,433.365 million (2013: Rs.7,871.271 million) from un-appropriated profit to general reserve; and (ii) proposed final dividend of Rs.9/- per share for the year ended June 30, 2014 amounting to Rs.2,910.375 million (2013: Rs.2,587 million) which was approved by the members at the Annual General Meeting held on October 17, 2014. These consolidated financial statements do not reflect this appropriation and the proposed dividend payable.

15.2 Corresponding figures have been reclassified, wherever necessary, for better presentation.

15.3 Figures have been rounded off to the nearest thousand of Rupees, unless otherwise stated.




6-A Muhammad Ali Housing Society, A. Aziz Hashim Tabba Street, Karachi-75350, Pakistan.

UAN: (+92-21) 111-786-555 Fax: (+92-21) 34534302 Email: [email protected]

House No. 26, Street No. 8, Sector F-7/3, Islamabad.

UAN: (+92-51) 111-786-555 Tel: (+92-51) 2610804-07 Fax: (+92-51) 2610809 [email protected]

Dastagir Tower, 1st Floor, Hassan Parwana Road, Near Deira Ada, Multan.

Tel: (+92-61) 4540556-7 Fax: (+92-61) 4540558 [email protected]

17-C/3, Gulberg III, near Hussain Chowk, Lahore.

UAN: (+92-42) 111-786-555 Tel: (+92-42) 35772508 Fax: (+92-42) 35772512 [email protected]

Syed Tower, Room No. 5, 6 & 7, 3rd Floor Opposite Custom House, University Road, Peshawar.

UAN: (+92-91) 111-786-555 Tel: (+92-91) 5844903 Fax: (+92-91) 5850969 [email protected]

F1, First Floor, Institute of Engineers Building, Zarghoon Road, Quetta.

Tel: (+92-81) 2837583 Fax: (+92-81) 2829267 [email protected]

Qudusabad Colony, Grid Road, D I KhanTel: 0966-850331, Fax: 081-850341

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